Today at the 23rd annual Sohn Investment Conference, John Pfeffer of Pfeffer Capital surprised the crowd with his views on bitcoin - calling it “the first viable candidate" to replace gold, adding it was better than gold "on every front".

But he also warned the crowd of the risks in the cryptocurrency market, adding that most are "bad bets".

Pfeffer wrapped up his presentation by giving the crowd something to think about Bitcoin's long term potential, stating that if just 25% of foreign reserves moves into Bitcoin, it would give Bitcoin a $6.4 trillion market cap.

John Pfeffer was Chairman of the Executive Board of leading French IT company Groupe Allium S.A in the 90's, and in the 2000's was a London-based partner at private equity firm Kohlberg Kravis Roberts before founding Pfeffer Capital.